~ From the Desk of Rich Rector

2013 Brings Enlightenment About Our Real Estate Future

CoreLogic released their monthly installment of MarketPulse which provides calculated insight into the state of our ever-evolving real estate market. While CoreLogic highlighted that the impending theme for last year’s industry was definitely “uncertainty”, they noted that the beginning of 2013 brings with it a slight amount of clarification, which in turn is slated to produce more positive fiscal results.

CoreLogic stated that, however it is a bit early to announce, the data implies that the fiscal cliff deal done on January 1 has created little change in our market across the United States. The good news however, is that recent research shows that the wealth effect of rising home values will help to increase sales.

According to MarketPulse (which is reporting on statistics from December 2012), home prices nationwide increased by 8.3 percent on a year-over-year basis. This is the biggest increase since May 2006 and also the 10th consecutive year-over-year home price increase. All but FOUR states are experiencing price gains compared to last year.

After more than several years of so much uncertainty, we’re starting to see the waters part and data is leaning towards the positive. CoreLogic said this about the market expectations for 2013, “While it is important to recognize the improvements to the mortgage market during 2012, we should continue to be vigilant in 2013. This year we will begin to transition to a more normal balance in the mortgage market. It’s a year that will also create more regulatory certainty.”

So what does this mean for your business? It means continue to build your sales pipelines, leverage the incredible technology out there for increased productivity and keep an eye out for more permanent infrastructure which will equal positive results for our businesses.